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Monday, 07 November 11
CHINA'S COAL IMPORTS STEAM AHEAD
 Chinese seaborne coal imports have grown greatly in recent years, up from 39.2mt in 2008 to 167.7mt in 2010, with the result that China became a net coal importer in 2009.
Chinese seaborne steam coal imports equated to less than 5% of Chinese coal consumption in 2010. Despite this, China is now the world’s second largest steam coal importer, accounting for 13.7% of seaborne imports in 2010. Thus, any changes in China’s import volumes will have a major impact on the global seaborne steam coal trade.
The existence of a pricing arbitrage between domestic and international coal prices was the catalyst for the upturn in Chinese coal imports. In 2010, higher domestic prices led Chinese consumers to source more coal from the international market, where the price was lower. As the Graph of the Month shows, in January 2010, the price of Indonesian steam coal (spot price + freight) was $39 per tonne cheaper than the Chinese domestic price (spot price + coastal freight) in south China. As a result, China imported an average of 9.0mt per month in Q1 2010, compared to just 1.2mt in the same period of 2009.
However, during the first quarter of 2011, a reduced average of 5.4mt of coal was imported by China. This reflects a higher global coal price (up to $139 per tonne), which made domestic coal a more cost-effective option.
Other Factors
Since April this year, Chinese domestic steam coal prices have risen and now exceed international prices. Thus, Chinese imports reached 12.0mt in September, the largest volume on record.
Other factors, in addition to pricing, support this short-term movement towards coal imports. Firstly, there are fears about potential power shortages, following a sharp decline in hydroelectricity output (down 11.2% and 14.9% y-o-y in July and August respectively). Secondly, it is likely that there will also be heightened demand for coal for power generation, due to the onset of winter. The price arbitrage should stimulate imports, as should reports that the central government will lower taxes and port charges on imported coal.
Potential Limitations
In the medium-term, Chinese domestic coal production may be limited if the government drive for better mine safety leads to mine closures. However, this may not inevitably lead to heightened seaborne imports. Production in countries like Mongolia and regions like Inner Mongolia has been ramping up recently and a railway expansion programme, due to be completed in 2015, will facilitate large-scale coal exports from these areas.
However, it is important not to understate the long-term impact of Chinese demand on seaborne coal trade even though most coal currently consumed by China is produced domestically. Even if seaborne import’s share of Chinese coal demand were to increase by just 2% percentage points over the course of the next decade to stand at 5%, then(assuming long-term demand growth of 2.5%), this would equate to an extra 100mt of annual seaborne import requirements.
In the long-run, any developments along this line would offer a considerable upside for dry bulk trade.
Source: Clarksons / Hellenic Shipping
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Tuesday, 01 November 11
DRY BULK MARKETS CORRECTION SPILLS OVER ONTO NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is losing steam, as evidenced by the falls experienced last week, which were also apparent at the beginning of the new week. A l ...
Monday, 31 October 11
CHINAS HUNGER FOR INDONESIAN COAL AT THREE YEAR-HIGH AS WINTER NEARS - JOSEPH KIRSCHKE
COALspot.com - Chinese demand for power-station coal from Indonesia has soared to its highest level in three years, as central heating plants and po ...
Saturday, 29 October 11
ATLAS RESOURCES SEALS US$95 MIO LOAN - INSIDER STORIES
Insider Stories reported that, coal producer PT Atlas Resources Tbk, that is controlled by Indonesian businessman Andre Abdi, has secured US$95 mill ...
Saturday, 29 October 11
INDONESIA TO INDIA FREIGHT LIKELY TO REMAIN SOFT
COALspot.com - The market continued to slow down and all segment were down this week.
The biggest drop was in the Cape Index down by 8.19 pct&nbs ...
Friday, 28 October 11
RISING COAL PRICES TO WORSEN CHINA'S WINTER POWER CRUNCH - CRI ENGLISH
CRI English reported that, the rising price of coal is fueling concerns about a power crunch set to plague China this winter, analysts said.
The ...
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- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- The University of Queensland
- MS Steel International - UAE
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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